Figures reveal that during the second quarter of 2010, despite the recession and weakened consumer confidence in the economy, the used car market has seen its smallest annual drop in sales since 2008.
“Whilst the after affects of the scrappage scheme have made it tough for new car dealers, sales of used cars fell by only 0.7 per cent this quarter compared to the same period last year, which, considering the current economic climate, is really encouraging” said Sue Robinson, RMI director.
The areas of the market worst effected were the upper-medium and sports car segments, down by 5.8 and 2.3% respectively, according to Experian.
“The upper-medium segment includes the Ford Mondeo and BMW 3 Series which are vehicles of choice for middle income families, who have been hard hit by the recent budget cuts,” added Robinson.
“The upper-medium sector had witnessed the greatest price falls, suggesting that there supply of these vehicles is greater than demand. This is a common sector for fleet vehicles, and therefore, many of the cars will be ex-fleet models that are ageing and in poor condition, thus making them less attractive to consumers.”